Wickes site sold to Valad Europe

A Liverpool retail warehouse occupied by the Wickes DIY chain has been sold to real estate investment manager Valad Europe for £4.2m.

Providing 26,242 sq ft of space, the building is opposite the Aintree Racecourse Retail Park.

The price paid reflects a net initial yield of 8.69%.

The vendor is undisclosed.

Rob Howe, Valad Europe's Head of UK Real Estate, said: "The Wickes retail warehouse is a high quality asset and an excellent addition to our UK portfolio. We are currently looking to take advantage of opportunities arising in the UK market to purchase good value, high quality, and leasable assets with strong covenants and limited leasing risk."

Cheetham & Mortimer advised Valad Europe on the acquisition.